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Fair Value Measurements and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Our crude oil and natural gas fixed-price swaps are included in Level 2. Our collars are included in Level 3. Our basis swaps are included in Level 2 and Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis:
 
As of June 30, 2020
 
As of December 31, 2019
 
Significant Other
Observable
Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Total
 
Significant Other
Observable
Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Total
 
(in thousands)
Total assets
$
202,183

 
$
34,855

 
$
237,038

 
$
22,886

 
$
8,938

 
$
31,824

Total liabilities
(52,923
)
 
(7,897
)
 
(60,820
)
 
(3,089
)
 
(524
)
 
(3,613
)
Net asset
$
149,260

 
$
26,958

 
$
176,218

 
$
19,797

 
$
8,414

 
$
28,211

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Assets and Liabilities Unobservable Input Reconciliation
The following table presents a reconciliation of our Level 3 assets measured at fair value:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Fair value of Level 3 instruments, net asset beginning of period
 
$
67,240

 
$
12,990

 
$
8,414

 
$
58,329

Changes in fair value included in condensed consolidated statement of operations line item:
 
 
 
 
 
 
 
 
Commodity price risk management gain (loss), net
 
(13,169
)
 
10,597

 
54,361

 
(32,923
)
Settlements included in condensed consolidated statement of operations line items:
 
 
 
 
 
 
 
 
Commodity price risk management gain (loss), net
 
(27,113
)
 
(1,083
)
 
(35,817
)
 
(2,902
)
Fair value of Level 3 instruments, net asset end of period
 
$
26,958

 
$
22,504

 
$
26,958

 
$
22,504

 
 
 
 
 
 
 
 
 
Net change in fair value of Level 3 unsettled derivatives included in condensed consolidated statement of operations line item:
 
 
 
 
 
 
 
 
Commodity price risk management gain (loss), net
 
$
(13,675
)
 
$
6,200

 
$
21,989

 
$
(26,641
)